Oilmeals exports drop 47 per cent during February 2018

The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tons compared to 1,714,984 tons during the same period of last year - up by 56%.

Export of oilmeals during February 2018 has dropped by 47% in comparison to February 2017 to 161,969 tons, according to figures compiled by the Solvent Extractors' Association of India.

The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tons compared to 1,714,984 tons during the same period of last year - up by 56%.

On 17th November 2017, government raised the import duty on edible oils by 12.5% to 15% across the board and increased MEIS on soybean meal to 7% from 5%. This steps has made Indian oilmeal more competitive in the world market and resulted in to larger export of oilmeals during current year.

Secondly, after two difficult years, export of oilmeals has revived in the current year, but still lower than earlier years, when India used to export annually over 40 lakh tons to 45 lakh tons of oilmeals.